Why Digital Currency Machines are Necessary

DCMs vs Online Exchanges
By 
Coin Cloud Team
, published on 
February 1, 2021
Why Digital Currency Machines are Necessary

Over the past few years, as cryptocurrency’s popularity has risen, so has the usage of crypto exchanges and other online methods to make interacting with digital currency easier. But with more people and businesses getting involved in the virtual currency space, some of the “free range” nature of digital currency is sacrificed when deciding to use these platforms.

Other means of exchange have cropped up in response, often dedicated to giving the user full control of their own funds. The primary example is the digital currency machine (DCM). Here’s why these machines are necessary in a world becoming increasingly aware of digital currency.

Preventing Loss of Funds

Since online cryptocurrency exchanges have grown in popularity along with digital currency itself, countless users have been storing and exchanging their money on these platforms. But increased usage has made the sites prone to getting hacked, and customers have lost shocking amounts of their money as a result.

But with DCMs, transactions and money are not stored or accessible to hackers like they are in online exchanges. Users keep their currencies in their own digital wallets, not on the machine or in any type of third-party account. This substantially reduces the possibility of your funds being stolen.

Protecting Privacy

Many exchanges require details and information about you that are also attractive to hackers. Unfortunately, thousands of users have had their personal data stolen through the hacking of various cryptocurrency exchange sites in the past. Sometimes it has even been held for ransom, with hackers demanding money from customers under threat of releasing their information.

By contrast, digital currency machines don’t require an excessive amount of personal information. For most transactions, you can be verified with just a mobile number and one piece of ID. So, by using a DCM, you aren’t at risk of this information being stolen like you are with online accounts.

Giving Back Control

One of the most vital aspects of DCMs, and one of the principles of cryptocurrency itself, is giving people control over their own funds. As you’ve already seen, other methods of transaction like online exchanges can potentially strip a user of control. Someone can sadly lose both their information and their money because they gave control of it to a third party.

Not only can you lose your funds to hackers, but you could also lose control of transactions due to factors like the economic climate. For example, in the wake of the recent investment spike in Dogecoin, GameStop and AMC, many stock and crypto exchange sites limited what investors could purchase. In other words, the user lost control.

DCMs like Coin Cloud’s give this power back to the user. From a wide selection, you can purchase whatever virtual currency you want, whenever you want, in exchange for physical cash. You can also sell your digital stash for cash. Combined with protected privacy and security for your funds, this puts Coin Cloud’s DCMs at the top of the list for user freedom and control.

Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.

What is Coin Cloud?

Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.

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